HN2: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
HN2
Largest movements
- Cash +€54,129
up €54,129 (+46.2%), from €117,078 to €171,207
mainly Net result for the year (+€119,909) and Other debts (+€95,090)
- Tangible fixed assets +€23,325
up €23,325 (+21.5%), from €108,625 to €131,950
of which Furniture and vehicles: +€21,098
- Receivables within one year +€15,379
up €15,379 (+12.5%), from €122,808 to €138,187
- Reserves -€131,718
down €131,718 (-45.7%), from €288,531 to €156,812
of which Distributable reserves: -€131,718
- Profit (loss) carried forward +€119,909
new in 2025: €119,909
- Other debts +€95,090
up €95,090 (+322%), from €29,514 to €124,604
- Debts after one year -€10,350
down €10,350 (-23.1%), from €44,765 to €34,416
- Tax, wage and social debts +€8,863
up €8,863 (+30.3%), from €29,227 to €38,089
of which Remuneration and social security: +€11,101
- Staff costs +€34,928
up €34,928 (+24.0%), from €145,344 to €180,271
- Gross operating margin +€25,928
up €25,928 (+7.9%), from €328,395 to €354,323
- Taxes -€8,693
down €8,693 (-19.6%), from €44,383 to €35,690
- Depreciation -€5,822
down €5,822 (-21.2%), from €27,450 to €21,627
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Derived cash bridge
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €474,934 | €567,384 | +€92,451 | +19.5% |
| Fixed assets | 21/28 | €108,988 | €132,313 | +€23,325 | +21.4% |
| Tangible fixed assets | 22/27 | €108,625 | €131,950 | +€23,325 | +21.5% |
| Furniture and vehicles | 24 | €93,964 | €115,062 | +€21,098 | +22.5% |
| Other tangible fixed assets | 26 | €14,661 | €16,888 | +€2,228 | +15.2% |
| Financial fixed assets | 28 | €363 | €363 | = | 0.0% |
| Current assets | 29/58 | €365,946 | €435,071 | +€69,125 | +18.9% |
| Amounts receivable after more than one year | 29 | €50,000 | €50,000 | = | 0.0% |
| Other amounts receivable | 291 | €50,000 | €50,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €122,808 | €138,187 | +€15,379 | +12.5% |
| Other amounts receivable | 41 | €122,808 | €138,187 | +€15,379 | +12.5% |
| Cash at bank and in hand | 54/58 | €117,078 | €171,207 | +€54,129 | +46.2% |
| Deferred charges and accrued income | 490/1 | €76,060 | €75,677 | -€383 | -0.5% |
| Total equity and liabilities | 10/49 | €474,934 | €567,384 | +€92,451 | +19.5% |
| Equity | 10/15 | €307,131 | €295,321 | -€11,810 | -3.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €288,531 | €156,812 | -€131,718 | -45.7% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €286,671 | €154,952 | -€131,718 | -45.9% |
| Profit (loss) carried forward | 14 | - | €119,909 | +€119,909 | |
| Amounts payable | 17/49 | €167,803 | €272,063 | +€104,260 | +62.1% |
| Amounts payable after more than one year | 17 | €44,765 | €34,416 | -€10,350 | -23.1% |
| Financial debts | 170/4 | €44,765 | €34,416 | -€10,350 | -23.1% |
| Amounts payable within one year | 42/48 | €90,176 | €203,911 | +€113,735 | +126% |
| Current portion of amounts payable after more than one year | 42 | €26,812 | €31,120 | +€4,308 | +16.1% |
| Trade debts | 44 | €4,623 | €10,098 | +€5,475 | +118% |
| Suppliers | 440/4 | €4,623 | €10,098 | +€5,475 | +118% |
| Taxes, remuneration and social security | 45 | €29,227 | €38,089 | +€8,863 | +30.3% |
| Taxes | 450/3 | €10,800 | €8,562 | -€2,238 | -20.7% |
| Remuneration and social security | 454/9 | €18,427 | €29,528 | +€11,101 | +60.2% |
| Other amounts payable | 47/48 | €29,514 | €124,604 | +€95,090 | +322% |
| Accrued charges and deferred income | 492/3 | €32,862 | €33,736 | +€875 | +2.7% |
| Non-recurring operating income | 76A | - | €51,945 | +€51,945 | |
| Remuneration, social security and pensions | 62 | €145,344 | €180,271 | +€34,928 | +24.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,450 | €21,627 | -€5,822 | -21.2% |
| Other operating charges | 640/8 | €387 | €527 | +€139 | +35.9% |
| Gross operating margin | 9900 | €328,395 | €354,323 | +€25,928 | +7.9% |
| Operating profit (loss) | 9901 | €155,215 | €151,898 | -€3,317 | -2.1% |
| Financial income | 75/76B | €6,286 | €6,692 | +€405 | +6.4% |
| Recurring financial income | 75 | €6,286 | €6,692 | +€405 | +6.4% |
| Financial charges | 65/66B | €3,669 | €2,991 | -€678 | -18.5% |
| Recurring financial charges | 65 | €3,669 | €2,991 | -€678 | -18.5% |
| Profit (loss) for the period before taxes | 9903 | €157,832 | €155,599 | -€2,233 | -1.4% |
| Income taxes | 67/77 | €44,383 | €35,690 | -€8,693 | -19.6% |
| Profit (loss) for the period | 9904 | €113,449 | €119,909 | +€6,459 | +5.7% |
| Profit (loss) for the period to be appropriated | 9905 | €113,449 | €119,909 | +€6,459 | +5.7% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 23 October 2026 via checked.be.